Amazon Grows, and Spends

Amazon.com Inc.'s business continues to grow rapidly as more users turn to the Web to do their shopping. But the e-commerce company continues to spend money almost as fast as it comes in.

The Seattle-based Internet giant posted a 22% rise in revenue for the first quarter, a slower pace than a year earlier. Net income for the first quarter fell 37%, and operating profit margin remained stubbornly thin, a reflection of heavy spending on content acquisition for the company's streaming video business, the buildout of new...